PAR Technology Corporation (NYSE:PAR) has announced its financial results for the fourth quarter as well as full year ended December 31, 2017.
During the fourth quarter, the company posted $55.5 million in revenues compared to the $60.2 which was reported in the fourth quarter of 2016. This represents a 7.8% drop. The company reported $5.3 million or $0.33 per share in GAAP net loss during the fourth quarter of 2017. This is a drop from the $1.9 million, or $0.12 earnings per share in GAAP net income which was reported during the same period in 2016. During the fourth quarter of 2017, the company reported $59,000 in Non-GAAP net loss. This is compared to the $2.1 million, or $0.13 per share in non-GAAP net income that was reported in 2016.
Full Year 2017
The company’s revenue for the 2017 financial year amounted to $232.6 million, which represents 1.3% increase compared to what the company reported during the 2016 financial year. During the year, GAAP net loss amounted to $3.6 million or $0.23 per share. This is compared to $2.5 million or $0.16 earnings per share in GAAP net income that was reported in the previous financial year. The company reported $4.2 million or $0.26 per diluted share in Non-GAAP net income during the 2017 financial year. This is compared to $5.3 million or $0.33 earnings per diluted share in non-GAAP net income which was reported in the 2016 financial year.
While commenting on the results, Dr. Donald H. Foley, the CEO and President of PAR Technology Corporation said the company is undergoing a transition and currently investing in its future. He added that PAR is heavily making investments that focus on Brink, the company’s primary restaurant platform so as to ensure that its customers are getting the best solutions from the platform. The company is also investing in its internal IT systems so as to improve on its processes as well as put in place cost-efficient automation.
Dr. Foley noted that during the fourth quarter, the company managed to cut on its international and local businesses and managed to save $3.5 million. These savings will be ploughed back.